The US Congress is set to accelerate regulation issues in the crypto market next week, with Senator Lummis leading the way by releasing a draft bill. The core point of this draft is straightforward—providing a clear legal definition for digital assets and thoroughly clarifying the boundaries between securities and commodities.

This is of great significance for the future regulatory framework of BTC, ETH, and other digital assets. Once the boundaries are clear, the rules for trading markets (including spot and derivatives markets) will have a legal basis. Industry experts generally believe that the advancement of such legislation will directly impact the compliance status of mainstream cryptocurrencies and also give market participants more definite policy expectations. The Senate's actions next week are worth ongoing attention.